Africa-Press – Ghana. President John Dramani Mahama has directed that beginning July 24, 2025, no contract awarded by government irrespective of source of funding should be denominated in foreign currency.
Dr Ato Forson, the Minister of Finance, said the pricing of goods and services and the award of contracts in foreign currency posed significant risk to fiscal management with severe implications for the stability of the cedi.
The Minister said this when he presented the 2025 Mid-Year Budget Review in Parliament on the theme” Resetting the Economy for the Ghana We Want.”
He said unfortunately, foreign currencies were becoming the means of transacting business in Ghana.
He said the trend, if not checked, would erode confidence in the cedi, drive inflation, and result in the loss of value in the symbol of sovereignty and the directive was to curb the unfortunate development.
“We also want to use this opportunity to remind the public that per the Foreign Exchange Act, 2006 (Act 723) companies, institutions and individuals are prohibited from pricing, advertising, receipting or making payments for goods and services in foreign currencies in Ghana without written authorization from Bank of Ghana,” he added.
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